Changelly works through an automated bot that’s been integrated with many large cryptocurrency exchanges including Bittrex and Binance. The trading is conducted by bot through bidding and requesting crypto exchanges to provide the most economical prices on trading currency pairs.
How to Sign Up On Changelly
The sign up procedure on Changelly is quite straightforward. All you have to do is go to the website and provide an email address. Like signing up on many other online platforms, Changelly will send you a confirmation email. Click on the link sent in the email to complete your registration.
There are no personal identification or verification processes involved. You can trade anonymously.
How to Buy Bitcoin & Payment Methods
Changelly is basically for trading cryptocurrencies and while you can purchase bitcoin for fiat currency, it is not recommended. Fiat trades can be quite costly as exchange rates with coins are unreasonably high.
That being said, the trading process itself is relatively straightforward that doesn’t have any hurdles.
1. Choose the pair you want to trade i.e. the coins you want to exchange for one another
2. Check and verify the transaction fee
3. Type in your receiving address where bitcoin or the currency you’ve purchased will be sent
4. Confirm the trade and make the payment in the currency of your choice
It usually takes about half an hour to receive your cryptocurrency coins in your wallet. On Changelly, you can trade more than 140 cryptocurrencies. On other platforms, the selection of pairs is limited which results in a longer processing time as you’ve to go through multiple transactions to acquire the cryptocurrency you want to buy.
Changelly recently introduced fiat currency trade through credit and debit card. This gives you another option but as mentioned earlier, you have to be mindful of the fees you’re being charged.
Trading Fee & Charges
When you’re trading in cryptocurrencies, Changelly charges a fixed rate of 0.25% of the transaction which is actually quite economical. On the other hand, buying directly through debit or credit card is quite expensive as apart from the rate provided at the checkout, Changelly charges 5% and Simplex also charges 5% or $10 whichever is higher.
USA, Australia, and Canada – First transaction limit is $50, the next purchase can be $100 if made 4 days after the first transaction. After a week of the first transaction, $500 is the next transaction limit. Then there are no limits.
CIS region – First transaction limit is $200, then after 24 hours, $2000 is the limit for the first week and $10,000 for the first month.
EU & Others – First transaction limit is $100, the next purchase can be $200 if made 4 days after the first transaction. After a week of the first transaction, $500 is the next transaction limit. Then there are no limits.
Safety & Security
Anonymity – If you are looking to stay anonymous then Changelly is a great option as it doesn’t require any identity verification. All you need is an email address to have a separate account and wallet.
Personal Wallet – For ultimate safety of the funds, the crypto exchange sends the purchased currency to the personal crypto wallets of the traders. It means that the funds are not stored online on Changelly account.
Two Factor Authentication – Another aspect of Changelly’s security measures is two factor authentication through which all user accounts are protected. However, you can turn it off if you don’t want it.
Many online cryptocurrency traders consider anonymity and privacy to be highly valuable as it also helps them to keep their funds secure and make them less prone to cyber-attacks and hacking attempts. For anonymity conscious crypto traders, Changelly is a good option for trading.
Cryptocurrency trading itself is affordable with an easy to follow fee structure, convenient, and quick. However, if you’re looking to buy directly through bank card, it can become really expensive.
|Pros of Changelly||Cons of Changelly|
|• Quick and convenient transactions||• Bank card purchases quite expensive|
|• Get best trading rates on all pairs||• Limits may be frustrating for some users|
|• User friendly and intuitive interface||• No leveraged trading|
|• Can be used globally|